Robert Lucas Jr

One of the most influential economists in the post-war era, he changed the foundations of macroeconomic theory (previously dominated by the Keynesian economics approach), arguing that a macroeconomic model should have micro-foundations.

He is well know for his investigations into the implications of the assumption of rational expectations. He developed the "Lucas critique" of economic policymaking, which held that the relationships that appear to hold in the economy, such as an apparent relationship between inflation and unemployment, would change in response to changes in economic policy.

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